Described herein is a system for automatically reissuing a prepaid device for an expired account upon detecting a funding event associated with the expired account. An account may be expired upon determining that one or more expiration conditions have been met. An event handler may be configured to receive events. Upon identifying a funding event associated with an expired account, the event handler may initiate a reissuance process for a prepaid device associated with the account.
Legal claims defining the scope of protection, as filed with the USPTO.
1. A method for reissuing an expired prepaid device associated with sponsored benefits, wherein the prepaid device is associated with a financial payment account established by an issuer of the prepaid device, comprising: generating, by an issuer computer, a data structure associated with the financial payment account and the prepaid device associated with the financial payment account, wherein the data structure comprises stored account information including one or more expiration conditions for the financial payment account, a balance of funds in the financial payment account, and a mailing address of a beneficiary of the financial payment account; receiving, by the issuer computer, one or more automatic funding events into the financial payment account on a periodic basis, wherein the one or more automatic funding events are for the benefit of the beneficiary of the financial payment account, and wherein the one or more automatic funding events are initiated by a sponsoring entity which is unaffiliated with the beneficiary and the issuer computer, wherein the sponsoring entity is a government sponsored organization that owes a financial obligation to the beneficiary to provide the sponsored benefits using the prepaid device, wherein the beneficiary of the financial payment account is a holder of the prepaid device; determining, by the issuer computer, based on the one or more expiration conditions, that the financial payment account used by the beneficiary and maintained by the issuer computer has expired; updating, by the issuer computer, the data structure associated with the financial payment account to change a status of the financial payment account to reflect that it is an expired financial payment account and updating the balance of the funds in financial payment account to be zero, wherein the one or more expiration conditions comprise a lack of detected funding events for a predetermined period of time, wherein updating the status comprises deactivating the prepaid device and delivering any balance in the financial payment account to the beneficiary; maintaining the expired financial payment account in an open state; automatically detecting, by the issuer computer, a funding event related to the expired financial payment account, the funding event initiated by the sponsoring entity and involving a deposit of sponsored benefits into the expired financial payment account used by the beneficiary; retrieving, by the issuer computer, one or more reissuance policies associated with the expired financial payment account, wherein at least one reissuance policy comprises a comparison of a current address of the beneficiary with the mailing address of the beneficiary stored in the account information and a determination that no other accounts or prepaid devices are associated with the current address; determining, by the issuer computer, based on information associated with the expired financial payment account, that the funding event is in compliance with the one or more reissuance policies; updating, by the issuer computer, the data structure associated with the account to change the status of the expired financial payment account to reflect that it is an open financial payment account and to change the balance in the account from zero to an amount of the detected funding event; and automatically re-issuing, by the issuer computer, a new prepaid device associated with the financial payment account to the beneficiary by causing a new prepaid device associated with the prepaid account to be generated and sent to the beneficiary, wherein the new prepaid device is associated with the funding event.
2. The method of claim 1 , wherein the one or more reissuance policies include one or more policies to prevent fraud associated with the financial payment account.
3. The method of claim 1 , wherein the funding event comprises a transfer of funds from a sponsor entity that is not the beneficiary to the financial payment account.
4. The method of claim 1 , wherein changing the status of the financial payment account to reflect that it is an expired financial payment account comprises: zeroing out an account balance associated with the financial payment account; and deactivating a current prepaid device associated with the financial payment account.
5. The method of claim 1 , wherein the funding event is an automated clearing house (ACH) deposit event.
6. An authorization processor for reissuing an expired prepaid device associated with sponsored benefits, wherein the prepaid device is associated with a financial payment account established by an issuer of the prepaid device, comprising: a data processor; and a memory including instructions that, when executed by the data processor, causes the authorization processor to: generate a data structure associated with a financial payment account and a prepaid device associated with the financial payment account, wherein the data structure comprises stored account information including expiration conditions for the financial payment account, a balance of funds in the financial payment account, and a mailing address of a beneficiary of the financial payment account; receive one or more automatic funding events into the financial payment account on a periodic basis, wherein the one or more automatic funding events are for the benefit of the beneficiary of the financial payment account, and wherein the one or more automatic funding events are initiated by a sponsoring entity which is unaffiliated with the beneficiary and an issuer computer, wherein the sponsoring entity is an organization that owes a financial obligation to the beneficiary to provide the sponsored benefits using the prepaid device, wherein the beneficiary of the financial payment account is a holder of the prepaid device; detect that the financial payment account associated with the prepaid device operated by the beneficiary and maintained by the authorization processor has lapsed based on a lack of detected funding events for a predetermined period of time; update the data structure associated with the financial payment account to change a status of the financial payment account to indicate an expired status and update the balance of the financial payment account to be zero, wherein updating the status comprises deactivating the prepaid device and delivering any balance in the financial payment account to the beneficiary; maintain the expired financial payment account in an open state; automatically detecting a funding event associated with the financial payment account, the funding event initiated by a sponsor entity and involving a deposit of sponsored benefits into the financial payment account used by the beneficiary; retrieve one or more reissuance policies associated with the financial payment account, wherein at least one reissuance policy comprises a comparison of a current address of the beneficiary with the mailing address of the beneficiary stored in the account information and a determination that no other accounts or prepaid devices are associated with the current address; determine that the funding event is in compliance with one or more policies associated with the financial payment account based on information about the financial payment account; upon determining that the funding event is in compliance with the one or more policies associated with the financial payment account, automatically re-issue the prepaid device associated with the financial payment account to the beneficiary by: causing a new prepaid device associated with the financial payment account to be generated and sent to the beneficiary, wherein the new prepaid device is associated with the funding event; and updating the data structure associated with the account to change the status of the financial payment account from indicating an expired status to indicate that it is an active financial payment account; and increase an account balance associated with the account from zero by an amount indicated in the funding event.
7. The authorization processor of claim 6 , wherein causing the new prepaid device associated with the financial payment account to be generated and sent to the beneficiary comprises: sending instructions to a printing device connected to the authorization processor to cause it to print the new prepaid device; and causing the new prepaid device to be sent to a beneficiary associated with the financial payment account.
8. The authorization processor of claim 6 , wherein the prepaid device is a plastic card comprising a magnetic stripe.
9. The authorization processor of claim 6 , wherein the new prepaid device associated with the financial payment account is issued without human intervention.
10. The authorization processor of claim 6 , wherein the prepaid device is a token configured for use by a mobile device.
11. The authorization processor of claim 10 , wherein issuing the new prepaid device associated with the financial payment account comprises providing the token to an e-wallet application stored on the mobile device.
12. The authorization processor of claim 11 , wherein the token is provided to the e-wallet application stored on the mobile device via a software update or push notification.
13. The authorization processor of claim 6 , wherein the instructions further cause the authorization processor to, upon determining that the funding event is not in compliance with the one or more policies, provide a notification to the sponsoring entity that originated the funding event.
14. The method of claim 1 , wherein an indication of the funding event related to the expired financial payment account includes user information, and wherein determining that the funding event is in compliance with one or more reissuance policies comprises determining that the user information matches the account information stored in relation to the beneficiary.
Cooperative Patent Classification codes for this invention. Click any code to explore related patents in that topic.
May 27, 2016
September 15, 2020
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